Myers Industries Inc. (NYSE: MYE) said it has agreed to buy for $165 million a maker of molded plastic material handling products for marine, military, industrial and consumer markets, and has hired an investment bank to sell its Lawn & Garden Segment.

Myers said in a news release on Monday, June 2, that it expects the acquisition will close within about 30 days.

Scepter posted sales of $100 million in 2013. The acquisition “complements and continues to grow Myers Industries Material Handling Segment in North America, increases its global reach, and supports the long-term strategic growth plan of the company,” Myers said in a news release. Based on 2013 results, with the addition of Scepter, sales in Myers’ Material Handling Segment will increase by 30%

“The addition of Scepter is anticipated to provide Myers Industries with the opportunity to expand upon our leadership position in the Material Handling Segment, broaden our product offering and better position us for long-term growth in new markets,” said John C. Orr, president and CEO of Myers, in a statement.

Myers said it has amended its senior secured revolving credit facility to $300 million from $200 million to help fund the acquisition. The term of the senior credit facility remains unchanged and is scheduled to expire in December 2018.

Additionally, Myers announced that it’s working with William Blair & Co. to sell the Lawn & Garden unit. In February 2013, Meyers announced it was launching a two-phased restructuring of that business that could include a sale. As part of the restructuring efforts, Myers last July announced it would shut plants in Brantford, Ontario, and Waco, Texas, and open a plant in Sparks, Nev., “to better serve the West Coast market and position the segment for future growth.”

In its news release, Myers said it has “concluded that the timing is right to streamline Myers’ business mix and allow the company to focus resources on its core growth platforms.”

The company said it expects the sale process “to be completed within the next 12 months.” It did not disclose the size of the Lawn & Garden business.

The company said it will report the Lawn & Garden business as discontinued operations in future filings. Proceeds from the future sale of Lawn & Garden will be used to pay down debt.

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